7 Mistakes Entrepreneurs Make in Livestock Business that Lead to Failure

1. Treating Animal Agriculture as a Lifestyle or a Hobby not a Business

Most farmers treat agriculture as a hobby not realizing how much money they are losing year in, year out through this expensive hobby that can be profitable.

For example, animal feed is expensive and if livestock businesses are registered as businesses, farmers could get their VAT back.

2. Starting the Livestock Business with no Business Plan

Farmers make the mistake of starting livestock businesses without a business plan. It is important to know what the business looks like on paper. Livestock business operational plans, involve consultation with Animal scientists who are experts in animal production and livestock feeds and feeding. Farmers must understand the science of feeding and breeding in order to make profits in livestock business.

3. Poor or non-existing Accounting

With bad numbers or no numbers you are flying blind. As a farmpreneur you need to know the cost of production and the difference between profit margins and cash flow.

Hire an agricultural economist, to help you with your cost analysis, or an accountant.

4. Lack of Focus or Running too many Enterprises

Yes farming is tempting to have a little of everything but start with 1, get really good at it, then grow the business, diversify.

5. Improper use of 'Benchmarking'

Farmers want to copy what other farmers have done without understanding why the other is successful and whether it can be replicated. Your farming situation will never be the same as the other farmer. Look at you situation and see what you can do. Dare to be different.

6. Farming is more of a Science not an Art. The Mistake of not Hiring Professionals

This leads to improper mix of feed and fodder, not following vaccination schedules and/or following outdated livestock management practices. If you want to manage a profitable farm business adhere to scientific farm management practices, use scientific techniques in housing, breeding and animal health management. Hire Animal scientists, veterinarians, Agro economists. We are all here for you.

7. Undercapitalised Businesses

Farming is a capital intensive business; like any other business it has its risks that are supposed to be properly described in the business plan such as drought, diseases and floods.

The farmer must have cash reserves or cash cushions. If you don't have such, get out, earn more and save first. Or go get it.

Make the right decision and make your money work for you!!

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